INDUSTRY NEWS

Three West End deals signal upturn

In the same week that soaring confidence among business professionals indicated that the recession may almost be at an end, three occupiers have signed significant contracts for commercial property in London’s West End.

One of the year’s largest deals was EDF Energy’s contract for almost 38,000 square feet of office space at Cardinal Place in Victoria, which they are letting from Land Securities.

The rate is £55 per square foot – a substantial sum compared to average London prices, but still some way off the £70-80 per square foot seen for grade A office space in the past. Double Negative, a visual effects company, agreed a contract for 22,000 square feet from Great Portland Estates on Mortimer Street, at just under £40 per square foot.

The Football Foundation has also agreed a 10-year lease for 9,000 square feet at Whittington House on Alfred Place for £42.50.

Leave a Reply

Your email address will not be published.